🧳 His job move, your pay cut?

Stat Of The Day

61%

Boo! What’s scarier than the graveyard? Retirement, according to 61% of Americans who say they fear their non-working years more than death. One reason? Worries about financial security, a survey from LiveCareer notes.

Ready to take the fright out of your finances? The next pre-retiree edition of HerMoney’s popular FinanceFixx budgeting program kicks off on October 29. You’ll work one-on-one with a coach dedicated to making sure you’re retirement-ready. Don’t let a fear of the unknown spook you – reserve your spot, here.

Don’t Make These 3 Mistakes During Open Enrollment

It’s that time of the year again: open enrollment. If looking at health insurance options makes your head spin, you aren’t alone. According to research from JAMA Health, almost half of U.S. consumers say they do not understand some aspect of their health insurance coverage.

In other words, it’s not just you — the whole system is incredibly difficult to navigate. But the more knowledgeable we are about our plans, the better choices we can make about our health, which is arguably the most important thing in our lives.

Enter Sabrina Corlette, research professor, founder, and co-director of the Center on Health Insurance Reforms (CHIR) at Georgetown University. She recently joined the HerMoney Podcast* to share the top mistakes we need to avoid when choosing a healthcare plan during open enrollment this year.

One of them? Letting your plan auto-renew. As Corlette explains, during open enrollment, people tend to keep the plans they already have rather than doing a little research to see if it’s still the best fit.

"They think, well, I've been happy with the plan this year, so I'm not going to do anything. I'll just let myself be automatically renewed into the plan for the next year," Corlette says. "Unfortunately, that can come back to bite you because plans change. Not only do premiums change, but benefits can change, and cost-sharing can change, so it is really important to check and make sure that what you need to be covered is still covered and that the costs haven't changed dramatically."

Listen Now

The HerMoney Podcast is made possible by Edelman Financial Engines.

Ask For Less From Your Employer-Sponsored Health Plan

This open enrollment season, treat health insurance as part of your financial planning. Are you overpaying for the care you need? If you’re paying for copays or have a deductible for in-network care, then the answer to that question is likely yes.

Here’s why: There’s a new employer-sponsored health insurance plan on the market with $0 copays, $0 deductibles for in-network care and preferred prescriptions—as long as you complete a preventative exam within the first 120 days. It’s called Curative.

We know, it sounds too good to be true—and there is a catch. Curative is still rolling out nationwide. But you can ask your employer to take action today. You can request that your employer look into Curative by sending a note to your benefits decision-maker, whether that’s an HR leader, your CEO, or even your CFO. Here are a few ideas for what to say.

Having a job with health insurance isn’t something to take for granted, but having a job with health insurance and $0 out-of-pocket costs, can be a game-changer for your finances. Learn more about Curative here.**

This Week In Your Wallet

On the hunt for chocolate Halloween candy? It’s probably pricer than years past – and harder to find. Shortages in cocoa crops have made it more expensive, creating a spike in demand for sweets of the fruity and sour sort. "We’re going to see a lot of new creations — Halloween treats in the gummy and Twizzler theme and other kinds of non-chocolate confections — hitting stores to capture that sales growth at a lower price point," David Branch, a commodities analyst for Wells Fargo Agri-Food Institute tells The Washington Post. If having chocolate on Halloween is a non-negotiable, pay attention to what you’re buying so you don’t get ripped off by shrinkflation. "While individual candy bars may be spared [from shrinkflation] because it’s harder to hide from consumers, variety packs could go down in weight but cost the same as previous years."

New research shows couples are more likely to relocate for a job when it’s a male partner making a career change. "The study finds that they are more likely to go through with it to improve the man’s earnings—even in cases when the woman’s career stands to benefit more by moving," The Wall Street Journal reports. The research also shows that post-move, many women experience a reduction in earnings that can last for years (yes, you read that right, YEARS). This is especially true for military spouses. A recent study shows they "typically face a 15% reduction in earnings after a move, with losses persisting for at least two years," the WSJ reports.

From Social Security to the stock market, you might be wondering how who ends up in the White House will impact your finances. Kiplinger has rounded up what you need to know about five potential side effects. One of them? Market volatility. "Your 401(k) could face headwinds, as market turbulence often picks up around an election," reports Kiplinger. "But history shows election volatility is short-lived. The long-term direction of markets is driven less by politics and more by investment factors, such as corporate earnings, economic growth, interest rates, and inflation."

Things That Save You Money

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In many locales, hotel rates in the U.S. are up, but experts say there are still ways to score deals, including regularly checking prices, even after you’ve booked. "You might actually see hotel prices drop; then you can go ahead and cancel your reservation and rebook," suggests Sally French a travel expert with NerdWallet.

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HerMoney reader Lori swears by doing a "buy nothing week" if you’re looking to save cash. "You don’t shop for anything but essentials," she explains. "Every time you go to buy something you’ll stop and think: "Do I NEED this?" Most times you don’t, if you’re honest."

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Get to the polls on November 5 (or during early voting). There are no – we repeat, no – excuses. Lyft is offering 50% off rides to those who are heading to cast their ballot.

Ask Jean

Today’s question comes from Linda. She writes: My 24-year-old daughter recently started her first post-college job. She has to travel quite a bit using her own car. Her company doesn’t reimburse her for the travel, but it seems like she should be compensated. What’s a professional way for her to approach the subject with her supervisor, without jeopardizing her career?

Great question, Linda. We tapped one of our favorite experts to answer it. Elizabeth Pearson is a career coach and author of "Career Confinement: How to Free Yourself, Find Your Guides, and Seize the Fire of Inspired Work." Here’s how she suggests your daughter navigate the situation:

Your daughter absolutely should be compensated for work-related travel expenses, especially when using her own car. Here's a professional way she can address this with her supervisor:

First, she should gather details to back her request. This includes tracking her mileage, the cost of fuel, wear and tear on the vehicle, and any other travel-related expenses. She should also research her company's policies to confirm if there are any existing travel reimbursement practices in place, or even industry standards regarding employee travel.

Once she has her data, she can request a meeting with her supervisor. The key is to be respectful, clear, and solution-oriented. Here’s a possible approach:

"Hi [Supervisor’s Name], I wanted to talk to you about the travel I’ve been doing for work. I’ve been using my own car, and I wanted to discuss whether the company has any policies for reimbursement or compensation for mileage and expenses. I’m happy to provide a breakdown of my travel costs, and I’d love to explore how we might align on a solution that works for the company while supporting my role."

This approach frames the conversation as a reasonable request, backed by evidence, and shows she's focused on fairness, not just personal gain.

Submit your questions to Jean here.

Your Finances in Focus 2024

Join HerMoney podcast sponsor, Edelman Financial Engines, for expert perspectives on the financial challenges that many of us will face.

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HerMoney’s CEO, Jean Chatzky, will share smart ways to shift from retirement saving to spending.

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Fellow personal finance expert, Farnoosh Torabi, will explore how fear can be the most powerful tool in your financial life.

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A panel of EFE financial planners will offer strategies for six retirement-planning scenarios.

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Plus, there will be a special session with the upcoming election in mind: "Make Sure the Ballot Box Isn’t a Financial Trap."

This webinar will take place on Tuesday, October 29, 11:00am ET. Register now to reserve your spot.

More For You To ♥

💰 Save $1,500 in eight weeks or less. That’s the average amount someone saves in our financial coaching and budgeting program for pre-retirees. Our last session of the year kicks off next Tuesday, October 29, at 7pm ET. Grab your virtual seat here. Use code RETIRE for 20% off.

🛍 Get ready to deck the halls with deals. The Frugal Friends will join the HerMoney Podcast to answer your holiday shopping questions. Have one? Send it our way.

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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3852221.

HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.

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